Element HOME

Element HOME 2023 FAMILY EDITION

HOLIDAY HIGHLIGHTS

TAKE 7 YEARS OFF MY MORTGAGE!

The best dishes for holiday gatherings

A quick way to cut interest for pennies

ANNUAL REVIEWS

UPGRADES

Small things to add value to your HOME quickly

A yearly service that saves thousands

INVESTMENT PROPERTY INVESTING

BENEFITS OF A NEW HOME

Leverage, Positives and Pitfalls

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HOLIDAY HIGHLIGHTS

The best dishes for holiday gatherings

Raspberry Coffee Cake ................5 Christmas Monkey Bread...............5 Cranberry Salad .............................7 White Chocolate Haystack.........13 Fudgemallow Candy....................13 Zucchini Casserole........................15

Table of Contents Element HOME ............................................................................ 3 Annual Review..........................................................................4-5 Upgrade your House.................................................................6-7 New Home Benefits...................................................................8-9 Dressing up a Holiday Table........................................................ 9 4 Types of Investment Properties.........................................10-13 7 Ways to Reduce Your Mortgage......................................14-18 How an Appraisal Matters........................................................ 19

Baked Ham Cheese Sandwich....15 Pimento Cheese............................17

Contributing writers: Larry Sutton, Gus Pasquale, Brad Roche, Ray Evans.

Many thanks to family recipes from Element Home Loans.

Pomegranate Margarita..............19 2 | elementhl.com

Element HOME I am fortunate enough to have been granted a front row seat in witnessing the amazing feats that Element Home Loans has accomplished over the last eleven years. None of which would have been possible without the hard work and commitment of our treasured associates, referral partners, and great customers. I’m proud to relay our biggest accomplishment to date, making the dreams of homeownership a reality for over 28,000 families.

t HOM E en E23leFAm ON ITI ED MI LY 20

TAKE 7 YEA RS OFF MY MO RTG AGE!

HO LID AY HIG HLI GHTS

A quick way to cut interest for pennies

The best dishes for holiday gatherings

AN NU AL RE VIE WS

A yearly service that saves thousands

UP GR AD ES value Small things to add ly to your HOM E quick

PERTY INV ESTMENT PRO INV ESTING Pitfalls Leverage, Positives

and

BEN EFITS OF A NEW HOM E om ntfunding.c 1 | www.eleme

At Element, we believe in the importance of family. We fully realize that buying a home is the singularly most emotional and greatest financial purchase that a family will ever make. To that extent, we place an incredible amount of emphasis on never missing a closing date.

This all leads back to our strong belief in the importance of keeping our promises.

We celebrate our associates, referral partners and customers with gatherings and consistent communication. We promote and embrace the concept of “lender for life” and want our customers and partners to think of Element Home Loans anytime they, or a family or friend of theirs, has a housing finance need. Element embraces technology that not only helps our valued customers but allows Element loan officers to keep our customers informed on the latest real estate finance trends.

I sincerely hope you enjoy the 2023 Family Edition of Element HOME. We look forward to continuing this fantastic journey with you.

Larry W. Sutton, Jr. Element Home Loans Division President

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A check up can save you thousands…

M

ost homeowners miss the benefit of the lender who doesn’t provide a yearly service called an Annual Review. Let me explain, we visit the dentist every 6 months for a cleaning and a checkup. We take our car in for an oil change every 4-6 months….why wouldn’t our biggest investment have a similar check up? Well, that is simple! Most lenders

are focused on the purchase and only that. While we have learned things change, expenses change, and goals change for most homeowners.

So, at Element Home Loans we have designed a program that not only takes care of you on the purchase of a home but manages the debt on your home year after year.

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Annual Check Up

Each year, on the mortgage anniversary we want to review the mortgage and goals. Our clients simply provide our team the most recent mortgage statement on the home. It also doesn’t matter where you are making your payment (they are called the servicer) we are still your Lender for Life. Once we receive the mortgage statement we have a quick

checklist to complete. We discuss any monthly cash flow changes, upcoming expenses, investments into the home since the last review and some other factors. We then review the potential equity position you were at a year ago and what you are at today. Next, we look to better the terms of the financing. Sometimes we can make it better but other times we are able to save in other areas like home insurance or PMI (private mortgage insurance). These and other factors such as the loan to value ratio (CLTV) and credit score ratings. If all is good, we roll on and check back again next year…but if we can save or assist in additional services we complete a comparison for your review before and after. Please also be aware that some loans when you return for your purchase can be obtained with no closing costs. If you would like your review completed ahead of schedule please just let us know, we would be happy to assist. Furthermore, because most lenders don’t offer this important checkup, we would be happy to extend the service to any friend or family member.

Lynn’s Raspberry Holiday Coffee Cake

Recipe Ingredients

• 1 3 oz. package cream cheese • 4 tablespoons of butter • 2 cups Bisquick • 1/3 cup milk • 1/2 cup raspberry preserves • 1 cup sifted confectioners sugar • 1 to 2 tablespoons milk Steve Kinzler | N

Directions:

Bisquick. Mix until Cut cream cheese and butter into milk. Turn on floured crumbly. Blend in the 1/3 cup of x paper roll down wa surface. Knead 8 to 10 stokes. On ased baking sheet. gre on n Tur . gle to 12 x 8 inch rectan ke 2.5 inch cuts at Spread preserves down center. Ma ng. r filli one inch intervals. Fold strips ove 425° F for 12 - 15 minutes zle over cake.

Combine sugar and milk then driz C

Christmas Monkey Bread

Recipe Ingredients

Directions:

• 24 oz frozen dinner roll dough • 1 cup packed brown sugar • 1 (3.4 oz) package of instant butterscotch pudding (I used sugar free) • 1/4 cup white sugar • 2 tsp of ground cinnamon • 1/2 cup chopped walnuts or pecans • 1/2 cup melted butter

The night or several hours before, grease and flour a9 or 10 inch tube pan. Mix brown sugar & pudding mix together. Mix white sugar and cinnamon together.

Place the frozen rolls in pan, a layer at a time. Sprinkle brow n sugar & pudding mix over the first layer of rolls. Sprin kle sugar and cinnamon mixture over the brown suga r& pudding mix. Spread half of the nuts and melted butte r over the first layer. Repeat with the next layer.

Angela Roche | NC

Place on counter overnight. Do not cover. Next morning bake in a preheated 350 degrees oven for 30 minutes. Let stand a few minutes and turn pan over onto serving platter.

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Should I just stay?

T

hought about moving? Then thought, maybe if we just did _____________ it would be perfect to stay? Well we have some great options on home improvements or rehabilitation financing. It doesn’t always have to be a huge project but think about what you are planning, will it reflect in my value? One of the major points of any rehab work to a property is to make sure that you know the cost and you know the outcome. Meaning we often will recommend getting an appraisal completed “subject to” what you plan to improve (ie: new kitchen, new bath). I like to call it a “what if” appraisal. You simply get the cost for the work to be done and the plans to complete it with the contractor, then we order the appraisal. We are looking for the “what if we do this to the home” value and we want to make sure your investment is strong. Meaning what do we need to put in and what will be a direct influence to the value. Some of the optional items to have a direct impact on the value are: 1. Landscaping 2. Bedroom conversion 3. Lower level basement completed 4. Window replacements 5. Bathrooms 6. Kitchen remodel

Here is a recent remodel project for a new kitchen that was a direct increase in saleability as well as the value for the investment return. The cost to complete the kitchen upgrade was completed for approximately $6000. The cost to complete the below

examples range between $6,000 and $30,000. We have programs that allow for up to $30,000 plus improvements.

As an example if you added $30,000 to your mortgage the payment is as low as $170 per month. For more details please contact Element Home Loans.

Before

After

Before

After

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Sara’s Cranberry Salad

Online Home Value vs. Accurate Planning?

Are you looking for a better option to find out what your home is worth? Instead of using online value estimators that can be incomplete and not always accurate and leave you lacking the information you need to make an informed decision.

Let AMC Links help!

Our Restricted Appraisal product provides you with: • A professional appraiser that will provide you with a hand completed appraisal report that includes MLS property history, county property info, and local MLS sales and listings.

• Complete market research using the most viable and typically relied upon data sources for the specific market area • An opinion of the value range of your subject property.

• Give you the peace of mind you need to make an informed decision, before paying $500-$600 for a full appraisal.

Recipe Ingredients

s • 1 12 oz. bag of fresh cranberrie • 1 cup of sugar ved • 1/2 lb seedless red grapes, hal ved hal , pes gra en gre • 1/2 lb seedless and cubed ed cor les app • 1 large red delicious • 2 large kiwi cut in chunks • 1/2 cup cool whip • 1/2 cup apple spice yogurt

Recipe Directions:

Coarsely chop cr an Transfer cranberr berries in food processor. ie Cover and chill se s to bowl and add sugar. ve mixture well. Ad ral hours. Drain cranberry d fruits. Combine cool whip and yogurt. Gently fo ld Chill until ready topping into fruit mixture. to serve.

Sara Sutt

on | GA

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The benefits of a BRAND NEW HOME are plentiful.

W

hen buying a home there are two choices one has to make, a brand new home or a resale.

As my career spans it’s third decade I have guided thousands of clients through the mortgage process to acquire a brand new home or a resale.

DESIGNING THE HOME AS YOU WISH. The benefit of starting from scratch, your vision, your lay out, your elevations and your bathrooms . Whether you are building custom or building with a larger national builder you get to make the selection of your options and upgrades. You will not inherit the previous owners choices which you may be changing out once you close and incurring a cost to do so.

A FRESH START If your moving from a resale into a new home you are the first to use that new kitchen, and first to park the car in the garage.

No repainting, no re-flooring and no re-landscaping.

Older homes have older appliances, older electric

installation and older plumbing that could need repair on your watch. New homes will facilitate current technological advancement with wiring, sophisticated lighting options and last but not lease security systems. In addition to which many if not all come with a builder warranty that will protect defects. Typically 2 years for many items and 10 years for structural defaults.

STRUCTURAL SAFETY In the span of 30 years I have seen devastating storms throughout the regions we serve in the southeast Unites States.

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In each of those occurrences there has been significant improvement to the building codes making new home enhancements not available in older homes. Homes being built today are the safest homes available in the marketplace.

GOING GREEN Builders now are incorporating the world wide initiative of going green to the design of their homes. Many homes being certified by green building coalitions in the markets they serve.

These new homes strive to reduce the ecological impact while maximizing sustainability to create efficient and healthy environments.

Focus points of lower utilities, efficient water usage, maximum insulation, zero voc paints, echo friendly floors, and the usage of solar power.

A new home community offers just that~ a sense of community. Many new construction homes are part of a Planned Urban Development (PUD) where the builder has incorporated a vision of a community lifestyle.

This offers homeowners instant access to many things not offered in an older home.

Typically they include guarded access, bike/hike trails, community fitness center/ clubhouse, tennis courts and more.

5 Ways to Dress the Holiday Table

On a Budget!

CREATE A THEME

r

Pick something like ‘pumpkins’ or ‘a colo scheme’ and stick with it!

BE CREATIVE

Use new things but mix in some old such antique candlesticks

as

USE A VARIETY OF GREENERY AND LEAVES To give the table a unique look and fill in

blank spaces

DON’T BE AFRAID TO PAINT!

like, A lot of time you can see something you but wrong color scheme that may be an easy fix.

BE SURE TO CHANGE THE HEIGHT

Have multiple items that give the display using different sized decor

These popular amenities and built in benefits only enhance the sense of community while enhancing the interaction of the neighborhood.

Thinking about buying a new home? We are subject market experts please allow us to be your mortgage resource!

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height

Mastering Investment Property To Increase Your Net Worth 4 Types of Residential Real Estate Investments 1. Purchasing a property to have as a long term rental that offers monthly cash flow for retirement and good to fair appreciation.

2. Purchasing a property for

short term or long rental that offers residual income but has low appreciation.

3. Purchase a home with excellent appreciation, but no monthly cash flow or less than $200 per month.

4. Purchasing a property that is a “fixer upper” for immediate resale or to keep as a rental.

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Selection details...

Type 1 This property is suggested for someone who wants to keep their day job and retire with security. It is important that you look for a property that has an average to above average appreciation rate of return.

This property will normally have a cash flow of $100 - $200 per

month, but increase in value 4% to 5% per year. The ideal property is an SFR (single family residence).

Type 2 This property is suggested for someone who wants to keep their day job and retire with security. It is important that you look for a property that has an average to above average appreciation rate of return.

This property will normally have a cash flow of $100 - $200 per month, but increase in value 4% to 5% per year. The ideal property is an SFR (single family residence).

Type 3 This type of property is only suggested for someone with substantial savings because the mortgage payment is typically high ranging from $900 and up.

Remember this property will take longer to rent but the quality of tenants will be impeccable. This is suggested for short term holding for approximately 5 years.

Type 4 Many homes are found at a “deal” price because of the quality in which the previous homeowner left it. If these properties interest you, the first suggestion is to start and complete your first one without attempting a second, stay focused! The most

important thing to look for is the “when done” value. Have an appraisal completed during the first 10 days of the purchase agreement, submit your written plans for improvements to the appraiser or lender and request the appraiser to compete a “when done” appraisal or subject to your repairs appraised value.

To be an effective project, the minimum net to you as the sell should be 15-25% with the work completed within 6-8 weeks.

When this home is completed it will fit into TYPE 1 or TYPE 2 property to sell for a profit.

What kind of property should I get?

We have all heard that it is never a great idea to have all

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your eggs in one basket right?

That is the same case in real estate. If you think about it, if you ask a financial advisor, “Where should I invest?” the response is “Let’s look into a few funds.” So the best plan is to get a mix of all types of property into your portfolio for a balance of appreciation and cash flow.

Invest in type two first by purchasing one or two properties, then move to type one for two to three more purchases. Starting with type two and type one at the beginning will establish a strong foundation to your new business. Now you have about five properties that some have good cash flow and some have low cash to decent cash flow

but are increasing in value for a potential sale in the future.

At this point, you can implement the system of “the snowball effect” and can achieve success by having your first home paid in full in the first five years. Now we can grow into type 3 and 4 the more expensive rentals and rehab properties. Some look into upgrading their primary residence and turning it into a type 3 as well, or begin to search for the perfect “fixer upper” (type 4).

Purchase Money Most lenders and brokers will require you as a non-owner purchaser to invest 10% down payment for each home. If you

are capable or are just getting started, your first purchase could hopefully be owner occupied to capture a lower down payment requirement and a lower interest rate.

Maximize your cash and have a clear plan of action from the beginning. The Mortgage Planner consultant will walk you through your 15-year plan to maximize your cash flow by customizing the home loan programs to meet your goals.

Don’t just accept a 30-year fixed as other options may accelerate your plan differently.

At The Mortgage Planner each loan is customized, even if we decide on a 30-year fixed, but knowing the program advantages is half the battle.

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Before you begin, know your SURVIVAL NUMBER! This is such a vital key to any businesses success. You are a business owner! You must know what it costs your family to survive per month and include your rental mortgage payments in that figure.

For example, if you take into account all of your personal debt like your house payment, car, phone, credit cards, gas, electric, cable etc. and don’t forget your rental mortgage payments that you must pay. The minimum payment totals multiplied by three, will give you your SURVIVAL NUMBER. This does not include speeding tickets, vacations or other once in awhile expenses.

Let’s say your survival number is $3,000 per month including spending money, then your survival account (money market suggested) should have $9,000 in it. Remember the rule of thumb is 3 X’s your monthly survival should be backing your rental business for vacancies and repairs.

Many investors don’t take the time or the discipline to save the cash flow from their investments nor commit to the system. When your debt is paid in full and you have 3 times your monthly survival in a money market for reserve or that next great deal, life becomes much easier to profit and play the game of life by implementing structure to your rental property business.

As the snowball effect pays your properties off one at a time in an accelerated fashion, your net worth rises and your cash flow becomes passive income that plans your retirement for you.

Maintaining a survival account is the first step to starting the snowball process, it makes it easy to purchase the next “great deal” when it comes. It also prevents any glitches in the snowball effect system when a tenet moves or you need to complete repairs.

White Chocolate Haystacks

Recipe Ingredients

• 12 oz. (340 grams) good quality white chocolate, coarsely chopped • 1/2 cup (75 grams) roasted peanuts • 1 1/2 cups thin pretzel sticks, broken into 1 1/2 inch pieces

Directions:

ent paper.

Line a baking sheet with parchm inless steel bowl placed over a Melt the white chocolate in a sta ring until smooth and creamy. saucepan of simmering water, stir ate burns easily.)

(Watch carefully as white chocol s and pretzels, stirring until Remove from heat and add the nut o the prepared baking sheet. well coated. Spoon the mixture ont ate mixture is too runny to form (If you find that the white chocol or for about 10 minutes.) rat into haystacks, place in the refrige t container. They can be Store the haystacks in an airtigh refrigerated for several weeks.

Preparation time 25 minutes.

Greg Downs | FL

Fudgemallow Candy

Recipe Ingredients

• 1-12 oz. package semi-sweet chocolate morsels • 8-12 oz. Crunch Peanut Butter • 4 cups Mini Marshmallows (all 3 ingredients are Publix Brand)

Directions:

Melt morsels & peanut butter in microwave.

Take out of microwave and fold marshmallows in to chocolate/peanut butter mixture. Do NOT mix marshmallows.

Pour this mixture into aluminum lined 9” square dish.

Chill till firm. Pull foiled block from dish. You can freeze whole block or cut to desired size.

Gus Pasquale | FL

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Pay off Your Mortgage Early...Yes or No? There are smart people that argue both sides of this question. Who is right depends on your financial goals and perspective. Before looking at their positions, let’s take a reality check and look at societies push to program us, (consumers), to purchase things, including homes.

It begins with a philosophy that we deserve what we want.

Unfortunately, not everyone deserves to be a homeowner.

Sounds harsh, but buyers need to demonstrate the ability and responsibility of managing debt before taking on a mortgage.

Ability simply refers to a regular monthly cash flow. This can be from a job, annuity, pension, social security, or another source that is regular and expected to continue in the future. Responsibility refers to paying debts timely. We are told that the amount of the debt is not important, but

rather the monthly payment is your measuring stick. In other words, if you can “afford” the payment, then you can buy it.

With home purchases, buyers often stretch to a higher price than they can comfortably afford, and then package it in a 30-year mortgage. There’s no thought of paying the debt off.

In fact, if a 50-year mortgage was available, I’m sure it would be preferred. We’ve seen this in auto sales. What was norm to payoff in three years, today, the average new car loan is more than five-and-a-half years. There is little thought of future ramifications of today’s purchases and the concept of delayed gratification is framed as “old-school thinking.” This is witnessed with first home buyers.

They often move out of their parents’ home with their sites on homes, at or above their parent’s lifestyle. Too often, people purchase emotionally from an illogical framework.

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You ask, who are those that suggest this philosophy? It’s the very people that benefit from the purchases...the sales and marketing arms of companies.

They want you to purchase high and finance. Most of us have bought into this view– why? Because it’s empowering, it’s fun, and after all, we deserve it! Too often, we over leverage tomorrow with today’s temporary pleasures; but, isn’t a home an asset? Not if it doesn’t fit within a budgeted financial plan. Ask the thousands of people that over-extend each year on home purchases, only to find themselves facing foreclosure. It’s said that we spend money we don’t have, to impress people that we don’t know...which is true. Even more true, is that we simply don’t understand basic financing and money management.

We take our lead from others that are preying on our lack of understanding or knowledge.

I speak like I know these consumers and I have been until recently. Debt, credit, leveraging, and fairy dust... these are the pillars that hold up this philosophy. It’s a house of cards.

So, what should you do when you want to purchase a home?

1) Identify a financial budgeting program that dumbs down the hocus pocus of the financial options into simple truths. I like Dave Ramsey’s Financial Freedom course because it includes the spiritual aspect; but no matter your beliefs, the principles are solid. There are many programs available, but please beware and check them out. A good place to start would be a reputable church. Most can provide several programs to consider.

2) All good finance programs will help you understand how to develop a budget that is driven by your cash flow. Your determined budget will help you identify your monthly housing payment goal.

3) Choose a trusted mortgage professional that will guide you through the process with your interest in mind.

All lenders are not created equally! In fact, let me toot our horn for a moment. We have access to more loan structures than most lenders.

Zucchini Casserole

Recipe Ingredients

• 2 lbs zucchini • 8 oz. sour cream • 1 cup shredded carrots • 1 cup water • 1/4 cup onion • 1 can cream of chicken soup • 1 package (12 oz.) Pepperidge Farm herb seasoned cubes) • 1/2 cup melted margarine (1 stick)

Directions:

Cook peeled/cut up zucchini with carrots, water and onion in microwave until soft.

Approx 5 min total. Do in intervals and stir.

Drain extra liquid from above.

Mix cubes, margarine, sour cream, soup and zucchini mixture together.

Heat in 350° F oven or in microwave for 30-45 minutes.

Gus Pasquale | FL

Baked Ham Cheese Sandwiches

Recipe Ingredients

• 2 pkgs. party rolls (heat & server Parker House) • 1 8 oz. pkg. sliced ham • 1 8 oz. pkg. Swiss cheese Melt & bring to boil: • 2 stks. Margarine • 2 tblsp. Worchestershire sauce • 2 tblsp. Poppy seeds • 2 tblsp. prepared mustard • 4 tblsp. brown sugar Set aside to cool Kelly Waldo | GA

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Directions:

Slice sideways through rolls. Sep arate Make sandwiches with ham & che rolls. ese (cut the meat & cheese into sizes to fit the rolls) Put into pan side by side. Spoon sauce over rolls. Refrigerate 2 hours or overnight (covered).

Bake in 350° F for 25 minutes cov ered. 5 minutes uncovered.

once you invest money into your home, those funds are gone and cannot be used for other purposes, unless you take out a mortgage.

You need to know all options to choose the best plan for you.

The one that accomplishes your goals both short and long term.

Special care should be made, because an unwise structure with this large purchase, can cripple you financially.

5) Provide your lender with your payment goal, funds available to purchase, how long you plan to live in the new home, and your purchase timing. They will provide you loan structures that accomplish your goals. They should provide you different term options to pay off the mortgage sooner, showing the positives and negatives of doing so. Sometimes you will need to adjust your budget as your appetite may be bigger than what you can eat financially.

6) After identifying a realtor, give them your price range along with a list of things you require in your home purchase.

7) Let’s fast forward. You’ve found the perfect home within your budget, contracted, inspected, cleared underwriting conditions, received a good appraisal, closed, and now you are the proud owner of YOUR OWN HOME! Now the question is, do you pay off your mortgage early, or make the minimal monthly payments?

Camp NO, says you should not pay off your mortgage, because: 1) Your mortgage is your biggest tax write-off. You save money by having the write off. It is true that a mortgage in the front part of the loan term provides a lot of interest deduction, because that’s mostly what you are paying. However, you can get the same deduction by contributing to your favorite non-profit cause.

2) If you paid off your mortgage, you would experience a loss of opportunity. This means that 16 | elementhl.com

3) They say it does not make sense financially to payoff the mortgage, because the interest rate is typically lower than what can be expected in investments earnings. This is one reason why most financial planners suggest putting your money into the market, that it is the quickest route to creating wealth. Don’t forget that that’s how they make commissions.

4) Lastly, it’s important to have access to reserve funds to protect your lifestyle from reduced income or unexpected expenses. Reserves become your lifestyle insurance.

Valid point, however, you can generate reserves no matter what mortgage strategy you choose.

Camp YES...says to payoff your mortgage ASAP. 1) They point to the security of owning your home. I once asked a friend who purchased a home with cash, why? This was because I once believed that having a mortgage was an advantage. He said, “Once it’s paid for, it’s ours and no one can take it away.” For this person, a home carries with it emotional ties and often, family roots. There is no price that can be placed on a home’s security, peace of mind, and stability. According

Pimento Cheese

to ATTOM Researchers and the Urban Institute, 34% of American homeowners or nearly 30,000,000 people, do not have a mortgage. Many of them paid cash and never had a mortgage.

2) Lack of stress. If you are a debtor, what you have is always in jeopardy, unless you have savings or investments that can be liquidated to pay off the debt.

3) Less debt provides more funds for other things, such as funding retirement, income generating investments, or lifestyle activities.

4) You still have the tax benefits of a mortgage, but instead of paying the mortgage company, you donate to your favorite non-profit cause.

Let’s assume you decide to payoff your mortgage. How do you do this?

• Lottery: Not a great return on your investment but isn’t it fun to think about...after all, someone does win. Let’s get back to reality...

• Biweekly Mortgage Payments: This concept teaches you to make half your mortgage payment every twoweeks. The result is that you make an extra payment each year which potentially, can remove 8-years off a 30-year mortgage. To setup, contact your mortgage service provider to verify they will accept half-payment.

If they do not, simply open a new bank account and deposit your half-payment every two weeks and use this account to pay your mortgage. In time, you will have enough for an extra payment.

• Extra Payment Each Quarter: This will reduce your 30-year mortgage approximately 11-years.

• Accelerate Payments: Let’s assume you have a 30-year mortgage. Determine when you want to pay off the mortgage and contact your mortgage servicer.

Ask them to provide an amortization schedule with the payoff date you specify. You will see exactly how much extra you need to include with each payment to accomplish your goal.

• Invest Your Windfalls: When you receive a bonus, gift, or any unexpected windfall, simply direct it to the principle of your mortgage. You will be surprised just how quickly you can pay it off with regular effort.

• Refinance: The typical reasons to refinance include

Recipe Ingredients

• 4 oz. Goat Cheese, softened rp cheddar cheese, grated • 1.5 cups of cracker barrel sha • 4 oz. softened cream cheese pers (comes whole in jar) • 1/4 cup diced roasted red pep ce plus 1 tablespoon sauce • 1 chipotle pepper in Adobo sau • 1 tsp. onion powder Directions: • 1 tsp. garlic powder te tas to per Serve with crackers and • Salt and pep peach preserves.

Ashley Rustom |

GA

ROLL CREDIT CARD DEBT INTO

ONE LOW PAYMENT

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a shorter term, lower interest rate, or cash-out for personal or home updates. The shorter term, such as moving from a 30-year to a 15 or 10-year mortgage forces you into a new payment plan...there is no choice once you refinance, you must make the new payment.

Your mortgage professional can compare your current plan against shorter terms to make sure you are ready for that commitment, (often comes with a higher monthly payment). They may advise accelerated payments are easier and appropriate. A lower interest rate may be your bridge to a quicker payoff. With any refinance, do not ignore the expenses which are often discounted by lenders. There is a break-even date which is a good gage to determine

if refinancing is an option to consider.

• Downsize: Sounds drastic but that’s what many have done, including me. Once you develop your budget, you may find that you overextended yourself with your current mortgage. One option is to refinance, but often you need to re-set. For me, I simply wanted to get that big mortgage liability and the pressure off me! We sold our beautiful large home, which we loved, and purchased a home one-third the size, with half the debt. We then used accelerated payments to pay it off.

I’m sure there are other ideas and options, but these provide a starting point for your consideration. So which side do

One Family at a Time • Multi-Product Resources • Mortgage Advice • Personal Consultants • On-time Closings

www.ElementHL.com 18 | elementhl.com

you lean towards? The good news is there is not a right or wrong answer. If you have a financial plan and understand the impact a home purchase makes upon it, you’re on the right track. With prayerful consideration, I’m sure you will make the right choice for you!

How an appraisal is ordered matters...

E

Persimmon Pomegranate Margarita

lement Home Loans has selected The Nations Companies as their fully vetted and trusted real estate information professionals. Nations has been providing exceptional customer experiences to the borrowers of Element Home Loans for nearly 10 years. When selecting a mortgage company, is it imperative that they are aligned with the most knowledgeable and customer focused professionals.

Evaluating your home accurately by a qualified real estate appraiser is critical in maximizing your financial resources and accomplishing your refinancing goals and objectives. Nations Valuation Services have been providing quality appraisals for nearly 30 years. The appraisers are background checked and specifically selected based on your specific property, location and scope of work. The appraiser will be familiar with your neighborhood and specifically your market conditions. Too often, big banks or out of area lenders select appraisers based on cost. This approach may result in selecting an appraiser that is not familiar with your home or neighborhood. With Nations, your appointment will be set at your convenience and the report is typically returned to Element for review 48 hours after inspection.

Once your home is appraised, Element Home Loans will work with Nations Lending Services to provide a seamless, convenient closing experience. Nations is committed to ultra-aggressive closing costs to insure you are receiving the best overall refinance value. Nations will provide automatic reissue title insurance discounts to all qualified borrowers and close the loan the day, time and location that works best for you with NO extra charge! Long gone are the days that you must travel to a title company to close your loan during business hours… with Element Home Loans and Nations, we come to you!

Kelly J. Kern President The Nations Companies 913 558 7332 19 | elementhl.com

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Recipe Directions:

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ElementHL.com ©2023 NFM, Inc. dba Element Home Loans. ®Trade/service marks are the property of NFM, Inc. and/or its subsidiaries. Equal housing lender. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements.

Refinancing an existing loan may result in the total finance charges being higher over the life of the loan. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. For Arizona originators: AZ# BK-0934973. In Alaska, business will only be conducted under NFM Lending and not any of our affiliate sites. NFM NMLS# 2893